Persistent Losses & Cash BurnMulti-year net losses and negative operating cash flow show the business is not yet self-sustaining. Ongoing cash burn erodes equity and increases reliance on external financing, creating execution risk if fundraising conditions worsen and potentially delaying commercialization or diluting existing shareholders.
Deteriorating Gross ProfitabilityA sharp decline in gross profit in 2025 suggests adverse unit economics, higher direct costs, or margin pressure when scaling. This undermines the pathway to break-even, increases the need for structural cost or product redesign, and raises long-term uncertainty about sustainable margins.
Weak Cash Generation / Funding DependenceConsistent negative free cash flow means operations rely on new capital. Even with low leverage, dependence on external funding risks dilution, constrains R&D and commercialization pace, and leaves the company vulnerable if capital markets tighten or investor appetite for funding loss-making cleantech wanes.